Property sales in the North East are almost twice as likely to reach exchange within three months as those in Outer London, new analysis reveals.
TwentyEA finds 58.4% of transactions in the North East progress to exchange within three months, compared with just 31.1% in Outer London – a gap of 27.3 percentage points.
Yorkshire and The Humber follows closely behind at 55.6%, while 50.4% of East Midlands transactions and 49.9% in the West Midlands reach exchange within the same period.
Inner London is also among the slowest markets, with only 35.4% of transactions reaching exchange within three months.
REGIONAL DIVIDE
Nick Huntley (main picture, inset), Director of TwentyEA, says: “The regional divide is striking, with sales in the North East and Yorkshire and The Humber progressing much faster than those in London.
“Differences in property type, transaction chains and the profile of buyers and sellers are all likely to play a role, demonstrating the significant bearing geography can have on how quickly a transaction progresses.”
Scotland, which operates under a different legal system, moves faster still, with 72% of sales agreed reaching exchange within three months.
PRICE MATTERS
TwentyEA’s analysis also finds cheaper properties tend to progress more quickly.
More than half – 54.2% – of transactions below £200,000 reach exchange within three months, falling to 48.4% for homes between £200,000 and £350,000.
The proportion drops to 39.8% for properties between £350,000 and £1m and 38.2% for homes worth £1m or more.
After five months, 75.6% of sub-£200,000 transactions have reached exchange compared with 58.3% of £1m-plus sales.
LEASEHOLD DELAYS
Tenure also makes a significant difference, with 46.4% of freehold transactions reaching exchange within three months compared with 34.9% of leaseholds.
After four months, 59% of freeholds have exchanged compared with 47.3% of leaseholds.
Huntley adds: “The figures highlight the additional time that can be involved in buying and selling a leasehold property.
“With more parties and paperwork often at play, leasehold transactions can be more challenging, which may contribute to the gap in exchange times compared with freehold homes.”
